Chapter 10: In class assignment-Answers to be submitted in Canvas M Enterprises Balance Sheet (partial) At December 31, Year 4 Stockholders' Equity: Preferred stock ($80 par) $400,000 Common stock ($0.05 par) 5,000 Additional Paid in capital 1,535,000 Total paid in capital 1,940,000 Retained earnings 335,000 Treasury stock (3,000 common shares) (60,000) Total stockholders' equity $2,215,000 1. How many shares of preferred stock have been issued? 2a. How many shares of common stock have been issued? 2b. How many of the common shares are outstanding? 3. If the common shares were issued at $15.00 per share, at what average price per share were the preferred shares issued? $_ 4. If retained earnings at the beginning of the period was $295,000 and $115,000 was earned in net income, what was the amount of dividends declared during the year? $_ 5. What was the average cost per share of the treasury stock acquired? $